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Annual Report & Accounts 2014 - NOTES
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under the terms of the share option plans the group can allocate up to 16.8% of the issued share capital (page 345, paragraph 'overall limit' of the prospectus published in January 2013) although it must take allowance of the 752,923 shares in issue as a consequence of the exercise of share options. the following options to purchase €0.01 ordinary shares in the company were granted, exercised, lapsed or existing at the year end. existing at existing at exercisable at exercise 1 January Granted in Bought out exercised 31 december 31 december Vesting date of Grant price 2014 the year in the year in the year 2014 2014 criteria 12 Dec 2008 126p 26,667 - - (26,667) - - note a 21 may 2010 213p 1,675,000 - (75,000) - 1,600,000 1,600,000 note b 28 Jan 2012 154.79p 1,600,000 - - - 1,600,000 1,600,000 note c 16 Jan 2013 233.5p 166,666 - - (166,666) - - note d 01 Feb 2013 233.5p 166,667 - - (166,667) - - note d 28 Feb 2013 233.5p 166,667 - - (9,720) 156,947 156,947 note d 202 Jun 2014 1p - 3,450,000 - - 3,450,000 - note e total all schemes 3,801,667 3,450,000 (75,000) (369,720) 6,806,947 3,356,947 the existing share options at 31 December 2014 are held by the following employees: option price 213p 154.9p 233.5p 1p Grant date 21-may-10 28-Jan-12 28-feb-13 02-Jun-14 total kenneth Alexander 800,000 800,000 - 1,400,000 3,000,000 Richard cooper 400,000 400,000 - 700,000 1,500,000 Lee Feldman (note f) 400,000 400,000 - 350,000 1,150,000 third parties - - 156,947 - 156,947 employees - - - 1,000,000 1,000,000 1,600,000 1,600,000 156,947 3,450,000 6,806,947 note a: these awards were granted under the original scheme, on the first anniversary of the grant date, 25% of the option vests. thereafter, the balance of the option vests over three years, at 1/36th per month. note b: these options were granted under the 2010 scheme, it is expected that the initial awards will vest over a three year period as follows; one third of the ordinary shares subject to each award will vest 12 months after the date of grant of the awards and the balance of the ordinary shares will vest in eight equal quarterly instalments over the following 24 months. once vested, awards will normally be exercisable up to ten years from the date of grant at the end of which period they will lapse. note c: these options were granted under the 2010 scheme, it is expected that the initial awards will vest over a three year period as follows; one third of the ordinary shares subject to each award will vest 12 months after the date of grant of the awards and the balance of the ordinary shares will vest in eight equal quarterly instalments over the following 24 months. once vested, awards will normally be exercisable up to ten years from the date of grant at the end of which period they will lapse. note d: these options were granted to third parties as part of the sportingbet pLc acquisition following underwriting commitments made at the time. the awards vested on the grant date and the options have the exercise price reduced by the value of any dividends declared up to the point of exercise. note e: these options were granted to certain Directors and employees. the awards will vest in full (and become exercisable) on the share price being equal to or exceeding 6.00 per share for a continuous period of 90 calendar days at any time from the date of grant. if there is a change of control, the awards will vest in full immediately unless the share price is less than 5.00 per share, in which case the Awards will lapse in full. the awards have been treated as vesting over a 3 year period. note f: these awards were issued on the same basis as the awards in note e but were awarded as cash settled rather than equity settled options. the charge to the consolidated income statement in respect of these options (excluding bought out options) in 2014 was €736,000 (2013: €736,000) and a credit to the income statement of €nil (2013: €6,000) in respect of the bought out options. of the 2014 charge €552,000 related to equity settled options and €184,000 to cash settled options. GVC HOLDINGS PLC ANNUAL REPORT 2014 53 notes to the consolidated financial statements